Reuters logo
PRECIOUS-Gold holds near three-week high, set for weekly rise
November 10, 2017 / 1:23 AM / 9 days ago

PRECIOUS-Gold holds near three-week high, set for weekly rise

    Nov 10 (Reuters) - Gold inched up early Friday, holding near
a three-week high amid uncertainty over U.S. tax reforms, and
was on track for its first weekly rise in a month.
                
    FUNDAMENTALS    
    * Spot gold        was up 0.1 percent at $1,286.30 per ounce
at 0101 GMT. On Thursday, it touched its highest since Oct. 20
at $1,288.34 an ounce. The safe haven asset was up about 1.3
percent for the week so far. 
    * U.S. gold futures         for December delivery were flat
at $1,287.20.
    * Palladium        gained 0.2 percent to $1,011.97 an ounce.
It touched its highest since 2001 at $1,026.10 on Thursday.
    * The dollar was on track for weekly losses after dropping
on disappointment with a tax bill put forth by U.S. Senate
Republicans that would delay expected corporate tax cuts.       
    * U.S. Senate Republicans unveiled a tax plan on Thursday
that differed from the House of Representatives' version on
several key fronts, including how they treat the corporate tax
rate, the tax deduction for state and local taxes, and the
estate tax.             
    * Asian shares slipped on Friday with MSCI's broadest index
of Asia-Pacific shares outside Japan                 falling 0.1
percent.               
    * The number of Americans filing for unemployment benefits
rose more than expected last week, suggesting that claims
processing disrupted by recent hurricanes has begun to improve.
            
    * Gold demand slid to its lowest in eight years in the last
quarter as jewellery buying fell and inflows into bullion-backed
exchange traded funds dried up, data from the World Gold Council
showed on Thursday.             
    * India's gold consumption is likely to drop to its lowest
in eight years in 2017, hit by government moves to make bullion
trading more transparent and by faltering demand from some rural
areas, the World Gold Council (WGC) said on Thursday.
            
    * Russia's largest gold producer Polyus           said on
Thursday its third-quarter net profit decreased 5 percent
year-on-year to $371 million due to a gain on derivatives and
investments in the prior period, as well as finance costs.
            
    * Workers employed by Lonmin's         community shareholder
Bapo Ba Mogale are protesting that they have not been fully
paid, causing minor disruption at two of the platinum miner's
shafts, the South African-focused firm said on Thursday.
            
          
    DATA/EVENT AHEAD (GMT)
    0745   France   Industrial output  Sep
    0930   Britain  Industrial output  Sep
    1500   U.S. Univ of Michigan sentiment index Nov

 (Reporting by Vijaykumar Vedala in Bengaluru
Editing by Richard Pullin)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below